Medical Office
For Sale
$2,140,000
7 McDowell Street 100/300, Asheville, NC 28801
Two-unit medical office property with upgraded building components and a resurfaced asphalt parking lot.
Property Size6,410 SF
Lot Size1.12 Acres
Price / SF$333.85
Days on Market52
Property Features for 7 McDowell Street 100/300
General Information
Standard status
Active
Size
6,410 SF
Lot size
1.12 Acres
Building Details
Year Built
1979
Buildings
1
Owner Occupied
No
Listing Agency:
Whitney Commercial Real Estate
Listed By:
Richard Whitney · License #145226
Source:
Highperformancerea
Added: Aug 17
Changed: Sep 5
Last Checked: Oct 5 at 10:57PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Whitney Commercial Real Estate
Investment Insights
Based on property information with market context.
This medical office condominium includes units 100 and 300, totaling 6,410 square feet within the 7 McDowell Street Condominiums. Built in 1979 on 1.117 acres, the property has received a new roof and a resurfaced asphalt parking lot. Labcorp occupies the space and has completed an interior renovation.
The property is in downtown Asheville, within view of Mission Hospital. The surrounding area includes dining establishments, local breweries, boutique shops, pharmacies, and healthcare facilities. Thomas Wolfe Memorial, Pack Square Park, and the Asheville Art Museum are also nearby, providing access to a range of downtown amenities for employees and visitors.
The property is in downtown Asheville, within view of Mission Hospital. The surrounding area includes dining establishments, local breweries, boutique shops, pharmacies, and healthcare facilities. Thomas Wolfe Memorial, Pack Square Park, and the Asheville Art Museum are also nearby, providing access to a range of downtown amenities for employees and visitors.
Key Highlights
- 6,410‑square‑foot medical office property comprising units 100 and 300
- Labcorp occupies the space and has renovated the interior
- New roof completed as part of recent property upgrades
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$118,926
Cap Rate
5.56%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,378,520
$2.4M
Cap Rate 7%
$1,698,943
$1.7M
Cap Rate 9%
$1,321,400
$1.3M
Market Conditions
NOI Build-Up for 6,410 SF
Gross rent
$162.3K $25.32/SF
− Vacancy
−$3.7K −$0.58/SF
EGI
$158.6K $24.74/SF
− OpEx
−$39.6K −$6.18/SF
NOI
$118.9K $18.55/SF
Area
Buncombe County, NC
Vacancy
2.30%
Lease Rate
$25.32 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,378,520
Cap Rate 7%
$1,698,943
Cap Rate 9%
$1,321,400
Alternative Uses
Best Use
Office B
$1.70M
$1.49M – $1.98M
NOI $118,926 @ 7.0% cap · market cap 5.56%
Second Best
Healthcare Medical
$1.52M
$1.33M – $1.77M
NOI $106,414 @ 7.0% cap · market cap 4.97%
Theoretical Best
Office A
$2.03M
$1.77M – $2.36M
NOI $141,885 @ 7.0% cap · market cap 6.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,158
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28801, NC
15,148
Population
8,490
Households
1.8
Avg Household Size
39
Median Age
53%
College-Educated
93%
High-School Grad
5.1 sq mi
ZIP Area
2,970
Density / Sq Mi
$51,125
Median Household Income
$38,829
Median Earnings
$1,130
Median Rent
$481,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Two-unit medical office property with upgraded building components and a resurfaced asphalt parking lot.
Where is this medical office space located?
The property is located at 7 McDowell Street 100/300 Asheville, NC.
What is the asking price?
The asking price for this property is $2,140,000.
What are key features of this property?
This property features: 6,410‑square‑foot medical office property comprising units 100 and 300; Labcorp occupies the space and has renovated the interior; New roof completed as part of recent property upgrades
